IRS To Pay You More, Here’s Why

It has now been learned that millions of Americans who are still waiting for their tax refund have a surprising benefit to look forward to.

According to Fox, the millions of Americans who are still waiting on their tax refunds are surprised to learn that the money is actually accruing interest and is even poised for a jump in October.

The IRS typically pays interest on refunds that pass the 45 day deadline. The current interest rate sits at 5% however it is expected to jump to 6% on October 1st.

The U.S. Government Accountability Office found that IRS interest payments surged 33% in 2021 and they paid out nearly $3.3 billion for individual returns.

The IRS currently has roughly 21.3 million paper returns that haven’t been processed.

In one report it was explained, “Unfortunately, at this point the backlog is still crushing the IRS, its employees and, most importantly, taxpayers. These processing delays are creating unprecedented financial difficulties for millions of taxpayers and outright hardships for many.”